Tag: bank layoffs

  • HSBC Plans 14,000 More Job Cuts

    HSBC Plans 14,000 More Job Cuts

    By Lawrence White and Steve Slater HONG KONG/LONDON -- HSBC will redouble its cost-cutting efforts, including axing up to 14,000 more jobs, but Europe's largest bank was forced to soften a key performance target in the face of muted revenue. London-headquartered HSBC is seeking up to $3 billion in additional... Continue Reading

  • HSBC, Facing $2 Billion Settlement, Mulls 5,000 More Layoffs

    HSBC, Facing $2 Billion Settlement, Mulls 5,000 More Layoffs

    By Matt Egan Fresh off its $1.92 billion money laundering settlement, British banking giant HSBC reportedly is nearing a decision to further slash costs by axing another 5,000 jobs. According to the Financial Times, the London-based lender is "gearing up" for thousands more layoffs that could be outlined at an... Continue Reading

  • UBS CEO Paid $9 Million While Laying Off 10,000

    UBS CEO Paid $9 Million While Laying Off 10,000

    UBS drew fire on Thursday as it announced it paid CEO Sergio Ermotti almost $9 million in 2012 and welcomed a new investment bank chief with a $26 million package, just as the Swiss bank is in the process of firing 10,000 staff. Executive pay in Switzerland remains a heated issue five years after the near... Continue Reading

  • ING To Cut 2,400 Jobs, Despite 21 Percent Rise In Profits

    ING To Cut 2,400 Jobs, Despite 21 Percent Rise In Profits

    AMSTERDAM -- Dutch financial services group ING announced deeper job cuts in retail banking as it prepares to separate its banking and insurance operations under the terms of a state bailout. ING is dismantling its once-fashionable bancassurer model after the 2008 bailout, divesting insurance and investment... Continue Reading

  • Barclays Plans To Cut Up To 2,000 Jobs, But Some Execs Push For Bigger Purge

    Barclays Plans To Cut Up To 2,000 Jobs, But Some Execs Push For Bigger Purge

    Barclays PLC plans to cut as many as 2,000 jobs in its investment bank as part of a broad restructuring of the company, The Wall Street Journal reported, citing people familiar with the British bank's plans. The paper said senior Barclays executives are planning to recommend that the bank cut between 1,000... Continue Reading

  • Major Banks Cut 160,000 Jobs -- More Layoffs To Come, Report Says

    Major Banks Cut 160,000 Jobs -- More Layoffs To Come, Report Says

    Major banks have announced some 160,000 job cuts since early last year and with more layoffs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly 2 to 1. A Reuters analysis of job cuts announced by 29 major banks showed the layoffs... Continue Reading